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Media & Press

Illinois Foreclosure Law firm Signals Next Leg of Financial Crisis

Market Alert — Thursday, January 8, 2016 @ 4:00pm CST

CHICAGO, Jan. 8, 2016 – With the S&P 500 closing firmly below key benchmark level at 1,990, the law firm of Woerthwein & Miller today is sending out a market alert of the next leg of the financial crisis that started in 2008. This could affect hundreds of Illinois homeowners and consumers.

Many market observers will likely attribute this week’s precipitous selloff to global unrest in China, North Korea, and/or the Middle East. But the truth is the financial markets have failed to rally above the May 2015 high on three separate occasions. This is bearish—it is a harbinger of things to come.

While it is true that the number of foreclosure filings have declined over the past three years, the firm believes that the number of Illinois consumers who may be blindsided by the next decline could be significant. Why? Because many homeowners who just recently modified their loans under the Federal government’s Home Affordable Modification Program (HAMP) will likely re-default on their restructured mortgage at the first sign of trouble. Many loan modifications are set to increase the monthly payment without an equal principal reduction. Mortgage payments will go up, but homes will remain underwater.

What’s more, there are many other homeowners who are one “hiccup” away from falling into foreclosure. According to recent delinquency data reported by major credit reporting agencies, many consumers are on the verge of falling into the critical 90/120-days-late bucket that triggers a Notice of Default (NOD) and a whole new wave of foreclosures in Illinois.

“We are monitoring closely the number of homeowners who are presently 60 days delinquent on their mortgage. This is a critical metric,” observed Theodore Woerthwein – managing partner of the law firm. “We believe that many homeowners are borrowing from their savings accounts and lines of credit (i.e., credit cards) to avoid foreclosure. Consumers can only postpone the inevitable for so long.”

Although the banks and their servicers are in a financially powerful position, informed consumers can make strategic choices that leverage State and Federal law in their favor. For example, many of the 125,000 pending foreclosure cases in the Chicago metropolitan area involve cases filed by major banks and/or trustees. And homeowners don’t realize that their loans may not have been properly conveyed or transferred. The focus of our practice is to make Plaintiff banks prove up their case in court. This includes new loss mitigation affidavits.

“Our goal is to get the word out to as many homeowners as possible to take stock of their financial situation and let them know that Woerthwein & Miller stands ready to help homeowners and consumers defend their rights with respect to their property and debt collection efforts.”

About Woerthwein & Miller

Woerthwein & Miller is a boutique law firm based in downtown Chicago. The firm has garnered recent media attention following several favorable rulings for its foreclosure and credit card defense cases. Its staff of experienced attorneys, legal assistants and support personnel work together as a team to provide aggressive, professional legal representation and have been helping homeowners and consumers since the economic crisis first began in 2008.

Contact: Matt Hector, 630-358-7140, matt@wamlaw.com

Advocacy Workshop Series Announced for Chicago-Area Homeowners with a Bank of America, Citibank, Deutsche, HSBC, JPMorgan, PNC Bank, US Bank, Wells Fargo Loan

Next Workshop — Saturday, April 5, 2014 @ 1:00pm CST

CHICAGO, April 1, 2014 — The law firm of Woerthwein & Miller today announced a series of free workshops in 2014 to help Chicago-area homeowners better understand their property and against major banks — Bank of America, Citibank, Deutsche, HSBC, JP Morgan, PNC Bank, US Bank and Wells Fargo — who may have committed foreclosure fraud against homeowners.

Beginning Saturday, April 5 at 1pm CST, and continuing throughout the year, Illinois homeowners can hear real estate, financial and legal experts address the burning issues about the housing market and seek practical solutions to the economic crisis that began in 2008.

According to CNBC, half of US Mortgages are effectively underwater and the average household carries more than $14,500 of unsecured debt. ”Today, many homeowners are totally upside down with NO real practical way to dig themselves out” say Super Lawyer Theodore (Ted) Woerthwein, lead counsel for Chicago-based law firm of Woerthwein & Miller.

So March’s topic is a hot one – Foreclosure Fraud by Major Wall Street Banks. 85% of all loans originated between 2003-2007 were bundled and sold to one of thousands of mortgage-backed security (MBS) assigned to a Trust on Wall Street.

In a recent foreclosure case between Deutsche Bank v. Bodzianowski, the US District Court granted a homeowner’s Motion to Dismiss for “Lack of Standing” because the bank failed to properly endorse and/or convey the promissory note into the Trust. And according to New York (and Illinois) Trust law, there is NO effective transfer of the Note to the Trust and the Trust acquires NO rights in the Note.

Today, many of the 125,000 pending foreclosure cases in the Chicago metropolitan area involve cases filed by major banks and/or trustees and homeowners don’t realize that their loans may not have been properly conveyed or transferred. Simply put, homeowners have a powerful legal foreclosure defense and don’t even know it.

“Our goal is to get the word out to as many homeowners as possible and March’s hot session is designed to help educate homeowners about the most common forms of foreclosure fraud”, says Ted Woerthwein, — one of Chicago’s top foreclosure and credit card defense attorneys. Since 2008, he has successfully defeated major banks and credit card companies by leveraging the power of Securitization Forensic Audits.

Any homeowner that closed a loan with one of the major Wall Street banks or with any originating lender who filed bankruptcy after 2007 are urged to attend March’s informative workshop. Illinois homeowners can register for the free advocacy workshop by calling the law office of Woerthwein & Miller at 630-358-7140.

About Woerthwein & Miller

Woerthwein & Miller is a boutique but powerful law firm based in downtown Chicago. The firm has garnered recent media attention and market share following several favorable rulings for its foreclosure and credit card defense cases. Its staff of experienced attorneys, legal assistants and support personnel work together as a team to provide aggressive, professional legal representation and have been helping homeowners and consumer since the economic crisis first began in 2008.

Contact: Woerthwein & Miller at 630-358-7140